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After a consultation period that ended on August 9, Fastmarkets has launched its pig iron, import, cfr China, $ per tonne assessment, effective on Thursday August 26.
Market sources expect China to import pig iron in increasing volumes due to its evolving steel industry. They also believe that pig iron will play a vital role in the decarbonization of the steel sector in China.
China imported approximately 5.6 million tonnes of pig iron in 2020, more than five times the 1.0 million tonnes it imported in 2019. In the first seven months of 2021, the country has imported 1.4 million tonnes of the steelmaking raw material.
The proposed specifications for the price assessment are as follows:
MB-IRO-0178 Pig iron, import, cfr China, $ per tonne Quality: Manganese 1.25% max; Phosphorus 0.15% max Typical weight: 5kg per piece, max 25kg per piece Quantity: Minimum 5,000 tonnes Location: cfr main ports China Timing: 6-12 weeks Unit: $ per tonne Payment terms: Letter of credit on sight Publication: Fortnightly, Thursday, by 6pm Shanghai time.
To provide feedback on this price, or if you would like to provide price information by becoming a data submitter, please contact Tianran Zhao or Paul Lim by email at: pricing@fastmarkets.com. Please add the subject heading: “FAO: Tianran Zhao/Paul Lim, re: China pig iron prices.”
To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/about-us/methodology.